September 27, 2021

Kiaro Closes Acquisition Of Hemisphere Cannabis

Goodmans LLP acted for Aegis Brands Inc. in connection with the acquisition of all the issued and outstanding shares of its subsidiary, Hemisphere Cannabis Co. by Kiaro Holdings Corp., which comprises a portfolio of seven retail locations in Ontario and two more locations subject to potential future development.

In connection with the Transaction, Kiaro issued to Aegis an aggregate of 61,300,000 common shares of Kiaro and 6,700,000 common share purchase warrants, with each warrant exercisable to acquire one additional Kiaro Share at an exercise price of $0.16, subject to customary adjustments. Aegis is also entitled to receive a further 6,700,000 Kiaro Shares on achievement of certain commercial milestones concerning the Existing Locations within the first year following the closing of the Transaction.

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